Enviva Partners (NYSE: EVA) reported Q3 EPS of $0.20, $0.02 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $131.5 million versus the consensus estimate of $127.89 million.

Outlook and Guidance

The Partnership expects full-year 2017 net income to be in the range of $19.5 million to $21.5 million and adjusted EBITDA to be in the range of $104.0 million to $106.0 million. The Partnership expects to incur maintenance capital expenditures of $4.5 million and interest expense net of amortization of debt issuance costs and original issue discount of $30.0 million in 2017. As a result, the Partnership expects full-year distributable cash flow to be in the range of $69.5 million to $71.5 million, prior to any distributions attributable to incentive distribution rights paid to the general partner. The full-year guidance implies an adjusted EBITDA range of $30.5 million to $32.5 million for the fourth quarter. For full-year 2017, the Partnership reaffirms its distribution guidance of at least $2.36 per common and subordinated unit. The guidance amounts provided above do not include the impact of any additional acquisitions from the Partnership’s sponsor or third parties beyond the recently completed Wilmington acquisition. Although deliveries to our customers are generally ratable over the year, the Partnership’s quarterly income and cash flow are subject to the mix of customer shipments made, which may vary from period to period. As such, the board of directors of the Partnership’s general partner evaluates the Partnership’s distribution coverage ratio on an annual basis when determining the distribution for a quarter.

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